CARLSBAD, Calif., April 28 /PRNewswire/ -- Yulex, a materials science company pioneering a domestic source of natural rubber latex for hypoallergenic medical devices and specialty consumer products, announced today the completion of its Series B round of financing totaling $4.5 million. Argonaut Private Equity led the financing, providing $2.0 million in February 2003, the proceeds of which were used for the building of a commercial pilot facility for the production of Guayule-based (why-you-lee) natural rubber latex and expanding its plantations in Arizona and California. Yulex completed construction of the pilot production facility in July 2003 and is currently growing guayule on several plantations throughout the desert southwestern United States. The History Channel will feature Yulex and its Guayule plantations in a June 9 airing of its Modern Marvels program that traces rubber's history and examines its role in shaping modern industrial society. "With the additional funds, we are expanding our infrastructure for product development and will focus on accelerating product life cycles for select medical devices," says Jeffrey A. Martin, president and chief executive officer of Yulex. "Our initial product focus is on catheters, condoms, and medical gloves, where there has been no cost-effective solution to the problems of latex allergy." Guayule is a desert plant indigenous to the southwestern United States, and a new industrial crop. Guayule-based or domestic latex is the only commercially available natural rubber alternative that is free of tropical proteins known to cause Type I latex allergy. With the advent of latex barrier products, especially in the medical industry, since the emergence of AIDS as a public health crisis, tropical latex sensitivities and allergies have come to affect over 20 million people. Yulex (www.yulex.com) is materials science company focused on the production of a domestic source of natural rubber derived from the desert plant known as Guayule. Yulex has an exclusive license to a patented process to produce latex and products from Guayule in cooperation with the U.S. Department of Agriculture. The Company, along with industrial strategic partners, is currently developing technology to extract other specialty chemicals and biofuels from the desert plant. Yulex, a privately-held company, was founded in 1997 and based in Carlsbad, California. For further information, please contact: Jeffrey Martin, President and CEO of Yulex Corporation, +1-760-476-0320, email@example.com; or Julie Wright of (W)right On Communications, +1-760-735-9411, firstname.lastname@example.org .
SOURCE Yulex Corporation